Borr Drilling reorganizes Mexico operations through stake sale

Borr Drilling has entered into definitive agreements to divest its 51% equity interest in two Mexican joint ventures, Perforaciones Estratégicas e Integrales Mexicana I and II (collectively known as Perfomex). The company is transferring its controlling interest to its long-standing local partner, which will become the sole owner and assume management and operational responsibilities for the joint ventures.

Despite the divestment, Borr Drilling will retain ownership of three jack-up rigs—Galar, Gersemi, and Njord—which are currently contracted to Pemex. The company will continue to participate in the underlying contracts through bareboat charter agreements, maintaining its economic exposure. The Njord rig is contracted through April 2028, while Galar and Gersemi are contracted through May 2030.

The reorganization aims to simplify Borr Drilling’s corporate and operating structure in Mexico. Following the completion of the sale, which is expected in September 2026, Borr will independently market and operate its fleet to other regional operators through its affiliated companies.